Troilus Gold Corp. (TSX: TLG) (OTCQX: CHXMF) is pleased to report new assay results from drilling at the Z87 pit at its 100%-owned Troilus Project, located in northcentral Quebec, Canada. These results are part of an 11,000-metre drill program designed to expand and identify higher-grade mineralization to the north, between the formerly mined Z87 and J4 open pits, and to the south of the main ore zone at Z87. The Z87 pit was the larger of the two formerly mined open pits, and still contains the most continuous and highest-grade resources at Troilus. These results extend high-grade mineralization more than 100 meters along strike, both to the North and South of the previously defined main zone of Z87, continuing growth of both estimated Indicated and Inferred resources. Details of the Z87 drill results are presented in Table 1, while drill hole locations are shown in figures 1 and 2.

Zone Z87 Drill Results Highlights:

Hole 87-22-415

• 1.27 g/t AuEq over 101m, including 3.31 g/t AuEq over 20m, and 20.16 g/t AuEq over 1m
• 1.84 g/t AuEq over 5m, including 8.07 g/t AuEq over 1m
• Extends high-grade mineralization 120m south of the main ore zone and 100m below the PEA Pit Shell
• One of the most continuous high-grade intervals obtained at Troilus to date, drilled at the limit of Inferred Mineral Resources and modelled mineralization, promoting expansion of both Inferred and Indicated resources south of the current modelled mineralized wireframes.

Hole 87-22-421

• 1.58 g/t AuEq over 65m, including 3.26 g/t AuEq over 22m
• 1.12 g/t AuEq over 17m
• Extends high-grade mineralization 140m North if the main zone and 125m below the PEA pit shell
• Among the most continuous high-grade intervals obtained at Troilus to date, successfully extending Inferred resources well outside the current PEA pit shell, providing strong evidence of mineral continuity north of the Z87 main zone towards the formerly mined J4 open pit.

Justin Reid, CEO of Troilus Gold, commented, “These drill holes represent some of the most significant results drilled to date.   These outstanding results show the continued potential for growth around the formerly active open pits, with mineralization remaining open in all directions along strike. These intercepts are among the best and most continuous drilled at Troilus and demonstrate the value in our ongoing efforts focused on identifying potential economically significant expansion of known mineralization into areas not previously tested, which are easily accessible for mining. The Z87 area hosts the most continuous and highest-grade resources at Troilus, and we believe expansion of this main ore zone could materially improve the strip ratio and economics of the project.   These results, coupled with other strong drill results obtained since our previously disclosed PFS Resource inclusion cut-off of March 2022, have led to our decision to extend the timeline of our Pre-Feasibility Study to allow for the inclusion of the last 4 months of drill data into the mineral resource calculation, which we believe will ultimately result in a more robust mining scenario and a more accurate representation of the project. While the Resource calculation and PFS reach completion, we will continue drilling north and south of the Z87 pit to build out from these spectacular results.”

Pre-Feasibility Study Update

As a result of strong drill results obtained since the previously established drill data cut-off of March 2022 for inclusion in the Pre-Feasibility Study, including those announced today, the Company has provided its external consultants with an additional 4-to-6-weeks to complete the updated mineral resource estimate in order to include the last 4 months of drill data. The Pre-Feasibility Study and updated Mineral Resource Estimate are now targeted for completion by the end of calendar Q3 and results will be announced as soon as they are available.

Figure 1.Plan View Map of the Zone Z87, Showing Current and Previously Reported Drill Hole Collars and Traces. 

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Figure 2: Longitudinal Section Facing North-West Showing Intercepts above 1.0 g/t AuEq on Currently Reported Drill Holes. 

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Table 1: Zone 87 Assay Results 

*Note drill intervals reported in this news release are down-hole core lengths as true thicknesses cannot be determined with available information.

Quality Assurance and Control

During the Zone Z87 drill program, one meter assay samples were taken from NQ core and sawed in half. One-half was sent for assaying at ALS Laboratory, a certified commercial laboratory, and the other half was retained for results, cross checks, and future reference. A strict QA/QC program was applied to all samples, which included insertion of one certified mineralized standard and one blank sample in each batch of 25 samples. Every sample was processed with standard crushing to 85 % passing 75 microns on 500 g splits. Samples were assayed by one-AT (30 g) fire assay with an AA finish and if results were higher than 3.5 g/t Au, assays were redone with a gravimetric finish. For QA/QC samples, a 50 g fire assay was done. In addition to gold, ALS laboratory carried out multi-element analysis for ME-ICP61 analysis of 33 elements four acid ICP-AES.

Qualified Person 

The technical and scientific information in this press release has been reviewed and approved by Kyle Frank, P.Geo., Manager of Exploration, who is a Qualified Person as defined by NI 43-101. Mr. Frank is an employee of Troilus and is not independent of the Company under NI 43-101.

About Troilus Gold Corp.

Troilus Gold Corp. is a Canadian-based junior mining company focused on the systematic advancement and de-risking of the former gold and copper Troilus Mine towards production. From 1996 to 2010, the Troilus Mine produced +2 million ounces of gold and nearly 70,000 tonnes of copper. Troilus is located in the top-rated mining jurisdiction of Quebec, Canada, where is holds a strategic land position of 1,420 km² in the Frotêt-Evans Greenstone Belt. Since acquiring the project in 2017, ongoing exploration success has demonstrated the tremendous scale potential of the gold system on the property with significant mineral resource growth. The Company is advancing engineering studies following the completion of a robust PEA in 2020, which demonstrated the potential for the Troilus project to become a top-ranked gold and copper producing asset in Canada. Led by an experienced team with a track-record of successful mine development, Troilus is positioned to become a cornerstone project in North America.